[Rhodes22-list] for your consideration - credit cards

Brad Haslett flybrad at gmail.com
Mon May 19 18:43:07 EDT 2008 

Robert,

I just asked the family CFO if we were still getting the 2% and she said yes
but is now "spooked" and is going to check our last statement as soon as I
get off the computer.

We hardly write any checks and have had no problems yet after almost ten
years of bank drafts. I accept no offers of any kind over the phone no
matter how good they sound.  My experience is that too many of these "good
deals" result in re-occurring charges on your credit card.   We have fought
(and won) a few battles along those lines.

While we weren't water-boarded for 16 hours, we were forced to sit
motionless in a chair and suffer Nurse Rachett coming by every hour or so to
either bitch about something or serve a mysterious concoction.  Since Fan
and I both enjoy cruises, I'm thinking about seeing how much passage on a
freighter to China costs.  It couldn't be a worse experience.

Brad



On Mon, May 19, 2008 at 10:17 AM, Robert Skinner <robert at squirrelhaven.com>
wrote:

> Brad,
>
> Glad to hear that you survived the pretzel-bender's
> delight of flying.  On my recent flight from Boston
> to Munich, the woman in front of me put her chair-back
> down while I was in the head, and I could not get back
> into my seat.  I spent 6 hours in the pull-down jump
> seat on the bulkhead.  It was like being impaled by a
> telephone pole.
>
> When you have some time to think about it:
>
> I have to admit that your plan is more agreeable than my
> dream last night - I was carrying a pistol to guard the
> $36,000 in a paper sack that I was going to pay for a
> new vehicle.  Things did not go well.
>
> Down to the realities:
>
> How do you feel about the security of wire drafts into
> your bank account?  On one hand, it seems more secure
> than a debit card.  On the other, I am concerned that a
> fraudulent or otherwise improper charge against my card,
> once paid, would be harder to fight.
>
> Your thoughts/experience?
>
> By the way, Fidelity is now offering only 1.5% for 529
> accounts.  Better check your latest "agreement" to see
> if they have changed terms for you.
>
> /Robert Skinner
> ----------------------------------------------------------
> Brad Haslett wrote:
> >
> > Robert,
> >
> > I feel your pain, beating the credit card companies takes some effort but
> > can be done.  We pay for everything, I mean everything, on a Bank of
> America
> > card that is tied into our daughters 529 plan at Fidelity.  We get 2% of
> our
> > purchases up to $1500 a year deposited into her tax free education
> account.
> > The account payment is automatically drafted from our checking account so
> > there's never any worry about being late, and out checking account is
> > overdraft protected by our money market account.  So far, we're over
> $7500
> > ahead of the game. For anyone who has kids or grandkids, this is a great
> > deal - far better than airline miles that you can never use when you want
> > to.
> >
> > Brad
> >
> > PS - Made it to China in Steerage class on Abu Ghraib Airlines.  I should
> be
> > able to stand straight by this time tomorrow.
> >
> > On Sun, May 18, 2008 at 9:10 PM, Robert Skinner <
> robert at squirrelhaven.com>
> > wrote:
> >
> > > Something more for consideration:
> > >
> > > I have been using a Bank of America credit card for
> > > 20 years, and have always paid by bill on time.  I
> > > used to have 25 days to pay the bill.  They have
> > > made a hell of a lot of money from me - about 5% of
> > > everything that I have bought over that time.  But
> > > now that is not enough for them.
> > >
> > > Recently they have tightened up their terms to 20
> > > days.  In addition, they now take their own sweet
> > > time after the closing date getting the statements
> > > into the mail.  The net result is that I have only
> > > a couple of days to get off a check.  If I plan to
> > > get out of town for a couple of weeks, I have to
> > > get or calculate a balance and pay in advance.
> > >
> > > The alternative is a shower of fees and interest
> > > charges, which have been increased as the grace
> > > period has been reduced.  So far I have dealt with
> > > it without getting bitten.
> > >
> > > I checked, and Chase bank and Discover have also
> > > changed their terms in an identical way.  It is
> > > clear that allowing Bank of America to buy out the
> > > small local banks and their credit card
> > > competitors has materially reduced competition and
> > > effectively eliminated consumer options.  They
> > > provide a cover for the minnows to hide under.
> > >
> > > The effect, if not the intention, is to game the
> > > customer into paying late.  I fully anticipate
> > > that the pay period will be shortened to 15 days
> > > in the next 5 years, forcing customers to allow
> > > them to draft a bank account or be late.
> > >
> > > Why not use debit cards?
> > >
> > > The Hannaford security breach exposed tens of
> > > thousands of customers bank accounts to raiding,
> > > and thousands had to cancel their debit cards
> > > and/or bank accounts.  Electronic communications
> > > are not by any means secure, and a debit card
> > > breach (by law) is not immediately communicated
> > > to the customer.  It took Hannaford 3 months to
> > > 'fess up.  When the money is already gone from
> > > your account, it is up to you to scramble to get
> > > it back -- eventually -- while checks bounce like
> > > Ping-Pong balls and your credit is ruined.
> > >
> > > Rik, it is not quite so simple as who pays
> > > interest and who collects it.  We have allowed
> > > the consolidation of financial power to the point
> > > where the average guy has few options if he has a
> > > run of bad luck.  The walls cave in.
> > >
> > > While some are concerned that we might tax them
> > > for the benefit of others, it is increasingly
> > > obvious that the corporations are being given
> > > relatively unfettered license to farm the populace
> > > for their own benefit.
> > >
> > > There is something wrong here.
> > >
> > > And, by the way, my home is paid for.
> > >
> > > /Robert
> > >
> > > -----------------------------------------------------
> > > Rik Sandberg wrote:
> > > >
> > > > John,
> > > >
> > > > Glad you liked my quote, but you may have misinterpreted the message.
> > > >
> > > > Actually, it is not supposed to be a slam on bankers as much as a
> wakeup
> > > > call to folks who can't seem to buy anything without paying for it on
> > > > time + interest. The bottom line cost seems to never be considered
> > > > anymore, only the monthly payment. Compound interest is a beautiful
> > > > thing when it's working in your favor, but a tough adversary when
> it's
> > > > working against you.
> > > >
> > > > One's "home" isn't HIS home until he's paid for it.
> > > >
> > > > Take good care,
> > > > Rik
> > > >
> > > > "Is this gonna' put me in a bad mood? 'Cause I'm not usually this
> > > pleasant".... Rik Sandberg
> > > >
> > > > Chris Geankoplis wrote:
> > > > > Thanks John!
> > > > > Chris G
> > > > > ----- Original Message -----
> > > > > From: "John Shulick" <jsbudda at verizon.net>
> > > > > To: <rhodes22-list at rhodes22.org>
> > > > > Sent: Saturday, May 17, 2008 9:56 PM
> > > > > Subject: Re: [Rhodes22-list] for your consideration
> > > > >
> > > > >
> > > > >
> > > > >> <
> > > > >> "There's a reason why bankers drive Cadillacs and the rest of us
> drive
> > > > >> Chevies. Bankers collect interest,... The rest of us pay it" ....
> Rik
> > > > >> Sandberg
> > > > >>
> > > > >> "all through this world I've traveled I've met lots of funny men
> some
> > > rob
> > > > >> you with a six gun others
> > > > >>  with a fountain pen and through this world I've rambled and
> through
> > > this
> > > > >> world I've roamed you never seen an outlaw drive a family from
> there
> > > home.
> > > >
> > > > >> "Arlo Guthrie.  A fine comment giving the credit crisis we face as
> a
> > > > >>
> > > > > nation.
> > > > >
> > > > >>                           JOHN Shulick
> > > > >>                                Pgh. Pa.
> > > > >>
> > > > >>
> > > > >> --
> > > > >> View this message in context:
> > > > >>
> > > > >
> > >
> http://www.nabble.com/Harmony-at-Mackey%27s-Marina-tp17251619p17299273.html
> > > > >
> > > > >> Sent from the Rhodes 22 mailing list archive at Nabble.com.
> > > > >>
> > > > >> __________________________________________________
> > > > >> Use Rhodes22-list at rhodes22.org, Help? www.rhodes22.org/list
> > > > >>
> > > > >>
> > > > >
> > > > > __________________________________________________
> > > > > Use Rhodes22-list at rhodes22.org, Help? www.rhodes22.org/list
> > > > >
> > > > >
> > > > __________________________________________________
> > > > Use Rhodes22-list at rhodes22.org, Help? www.rhodes22.org/list
> > >
> > > --
> > > Robert Skinner  "Squirrel Haven"
> > > Gorham, Maine         04038-1331
> > > s/v "Little Dipper" & "Edith P."
> > > __________________________________________________
> > > Use Rhodes22-list at rhodes22.org, Help? www.rhodes22.org/list
> > >
> > __________________________________________________
> > Use Rhodes22-list at rhodes22.org, Help? www.rhodes22.org/list
>
> --
> Robert Skinner  "Squirrel Haven"
> Gorham, Maine         04038-1331
> s/v "Little Dipper" & "Edith P."
> __________________________________________________
> Use Rhodes22-list at rhodes22.org, Help? www.rhodes22.org/list
>

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